Today is Bitcoin Pizza Day! What Is Its Historical Significance?

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May 22 is popularly known as Bitcoin Pizza Day. It marks the event in 2010 where real-world products were first purchased using the then-nascent cryptocurrency Bitcoin. Today is the 13th anniversary of Bitcoin Pizza Day. Here’s what you need to know about this historical event…

Bitcoin Pizza Day: What Happened?

In 2010, to promote the recognition of Bitcoin, Laszlo Hanyecz, a developer and one of the first BTC miners, made a call that if someone accepted the transaction, they could gladly pay 10,000 BTC for two pizzas. Four days after the call, another Bitcoin user named Jeremy “Jercos” Sturdivant stepped forward. He promptly had two Papa John’s pizzas delivered to Hanyecz’s doorstep. While some details were lost over time, no one knew that this would become a historic event in the crypto industry.

If we consider that the current highest Bitcoin price is $ 69,000, in 2021 these two pizzas will be worth $ 690 million. 10,000 BTC was only worth $41 at the time of purchase. According to Bitcoin user ender_X, while data on Bitcoin’s early days is scarce, Hanyecz may have traded his Bitcoin for around $41 on an exchange. If the numbers are correct, this means that 1 BTC was only worth $0.004 at the time of the transaction.

While the full price wasn’t 0, the value was low enough for ender_X to think Hanyecz got a pretty good deal. Because, “Enjoy the free pizza!” He finished with his words. As shown in the chart provided by Kyros Ventures below, readers can see how much the value of Bitcoin has risen in recent years. As of my writing, cryptocoin.com According to data, the value of BTC is around $ 26,800. In other words, as of May 22, 2023, 10:00 CET, the value of 10,000 BTC is over $ 268 million.

Pizzas delivered four days later

Hanyecz had to wait 4 days to get the pizzas. This isn’t as impressive as Satoshi’s waiting around 11 months for Bitcoin to officially appreciate. But by normal food delivery standards, Hanyecz had to wait quite a long time for his order. Hanyecz first posted the following message on the Bitcoin.org forum on Tuesday, May 18:

I will pay 10,000 Bitcoin for a few pizzas… For example, it can be 2 large pizzas. So I have some more pizza to eat the next day. I like to have pizza left over to snack on later. You can make the pizza yourself and bring it to my house or order it for me, but my goal is that I don’t have to order or prepare it myself and get food delivery in exchange for Bitcoin. So it’s like ordering a ‘breakfast plate’ at the hotel. They just bring you something to eat and you are happy!

More than two pizzas

But Hanyecz didn’t get his pizza until Saturday. In fact, the day before, some people jokingly asked questions about Hanyecz’s health. The user named “BitcoinFX” even asked if he was “starving”. “I think it would be interesting if I could just say that I pay for a pizza in Bitcoin,” Hanyecz replied. According to records archived on Bitcoin Talk, Jercos helped make the next day delivery.

But Hanyecz wasn’t content with just two pizzas. Impressed by the possibilities of this new currency, Hanyecz added in his June post that the deal is a “clear proposition”. “If I have enough BTC (there are plenty) I can trade 10,000 BTC for 2 of these pizzas whenever I want,” Hanyecz wrote on June 12. “If anyone is interested, please let me know,” he added.

There are indications that other pizza deals are taking place, and some evidence suggests Hanyecz fulfilled his offer in August. Expressing his surprise at the growing popularity of the Bitcoin pizza story, Hanyecz stated that he could not continue the practice because he could not produce thousands of Bitcoins every day. He expressed his gratitude to everyone who bought pizza for him, but announced that he would temporarily suspend such transactions.

Bitcoin Pizza Day didn’t gain traction until 2014

Despite temporarily suspending his pizza-related ventures, Hanyecz hasn’t completely left his pizza-buying past behind. He was the first person to buy pizza using the Lightning Network in 2018, but only had to pay 0.00649 BTC at the time. After the first Bitcoin Pizza Day, it took three years for the event to gain a lot of attention. Before 2014, almost no one mentioned this event. This is normal given that Bitcoin awareness was relatively low prior to 2013.

Hanyecz’s story gained some attention thanks to an article in The New York Times. Then, it got even stronger as the Bitcoin price hit the $1,000 threshold. The story became popular in the United States, with major media outlets such as ABC News, TechCrunch, Slate, and The Wall Street Journal contributing to Bitcoin’s reputation. If you’re wondering what those multi-million dollar pizzas look like, you’re in luck. Hanyecz posted a total of five photos of his pizzas. Most of these pizzas are traditional, with olives, jalapeño, tomato and bacon; It looked like traditional cheese pizza.

Bitcoin Pizza Day remains one of the most memorable events in the cryptocurrency market. This event, where cryptocurrencies were used for the first time to purchase real-world products, ignited belief in the unlimited potential of this technology. Over the years, the importance and impact of Bitcoin Pizza Day continues to be celebrated. It reminds us of the fascinating history behind this groundbreaking event.

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